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Introduction to the special issue on sovereign debt restructuring
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Ghosal, Sayantan and Miller, Marcus (2019) Introduction to the special issue on sovereign debt restructuring. Oxford Economic Papers, 71 (2). pp. 309-319. doi:10.1093/oep/gpz020
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Official URL: https://doi.org/10.1093/oep/gpz020
Abstract
After the ‘wasted decade’ of the Latin American debt crisis of the 1980s, and the long-running saga following Argentine default in 2001, sovereign debt crises were widely regarded as a feature of ‘emerging market’ economies, but not for ‘advanced economies’, which had been enjoying a period of macroeconomic stability since the mid-1980s. That illusion was shattered when the period known as the Great Moderation ended abruptly in the financial crisis of 2008/9 and problems of sovereign debt management spread across Europe. Adverse speculation in the Eurozone pushed interest rates on the sovereign debt of Italy and Spain to unsustainable levels in 2012,1 for example; with contagion leading to substantial Greek default soon thereafter.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HJ Public Finance | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Debts, Public, Financial crises | ||||||||
| Journal or Publication Title: | Oxford Economic Papers | ||||||||
| Publisher: | Oxford University Press | ||||||||
| ISSN: | 0030-7653 | ||||||||
| Official Date: | April 2019 | ||||||||
| Dates: |
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| Volume: | 71 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 309-319 | ||||||||
| DOI: | 10.1093/oep/gpz020 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Publisher Statement: | This is a pre-copyedited, author-produced version of an article accepted for publication in Oxford Economic Papers following peer review. The version of record Sayantan Ghosal, Marcus Miller; Introduction to the special issue on sovereign debt restructuring, Oxford Economic Papers, , gpz020, https://doi.org/10.1093/oep/gpz020 is available online at: https://doi.org/10.1093/oep/gpz020 | ||||||||
| Access rights to Published version: | Open Access | ||||||||
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